El Salvador’s president, Nayib Bukele, who was a driving force behind the country’s adoption of Bitcoin, stated that residents will be able to transfer their cryptocurrency to fiat currency as soon as Bitcoin is recognized as legal cash.
Bukele claimed on Twitter on Sunday that 4.5 million adults in El Salvador will have the option of HODLing their Bitcoin (BTC) or “withdraw[ing] it in cash at any of the 200 ATMs” once the government formally recognised the cryptocurrency as legal tender.
According to El Salvador’s president, there will be 50 outlets with the ability to withdraw or deposit fiat, allowing residents to hold crypto or liquidate their salaries quickly.
Bukele earlier stated that the government would be constructing infrastructure to support the Chivo state-issued Bitcoin wallet.
El Salvadorians will be able to withdraw cash 24 hours a day without paying commissions on their holdings, according to the president, but no one will be obliged to use them.
Bukele asked, “What if someone doesn’t want to utilize Bitcoin?” “Don’t download the [Chivo] app and go about your business as usual. Nobody will ever take your money […] Someone can always line up and pay a commission at Western Union.”
La oposición torpe siempre juega ajedrez de un paso.
Han apostado todo a meterle miedo a la población sobre la #LeyBitcoin y puede que logren algo, pero solo hasta el 7 de septiembre.
Una vez en vigencia, la gente verá los beneficios, quedarán como mentirosos y perderán doble😉
— Nayib Bukele 🇸🇻 (@nayibbukele) August 23, 2021
Since stating during the June Bitcoin 2021 conference in Miami that he would be drafting legislation to make Bitcoin legal tender, El Salvador’s president has talked frequently about the benefits cryptocurrencies can bring to the Central American country.
The bill was later passed by the country’s Legislative Assembly and is set to take effect on September 7. Bukele has also requested that a state-owned geothermal power business open its facilities to Bitcoin miners.
Bitcoin’s price is $49,668 at the time of publication, up more than 11% in the last seven days. For the first time since May, the price of the cryptocurrency was temporarily above $50,000 earlier today.
